“It is no longer a level playing field,” said Wilson, who made over 300 appearances for the north Londoners. “At this moment in time can we compete against Bayern Munich, Real Madrid, Chelsea or Manchester City?

“I’d love us to win things but the game today is about money. It’s about salaries and owners.”

Arsenal were eighth at £243.6m. Wilson said: “If the rules aren’t bent regarding financial fair play, Arsenal have a great chance of being back among the trophies. But I’m cynical about that – because I think they’ll find ways of overcoming them.

“You can’t compete against Sheikh Mansour or Roman Abramovich. Man United do it – if you’re prepared to go to £700m in debt. These teams have squads of two international sides. Arsenal have a very good first team, plus about three or four others.”